AŞIRI GÜVEN EĞİLİMİ İLE YATIRIM PERFORMANSI ARASINDA RİSK EĞİLİMİNİN ARACILIK ROLÜ: BORSA İSTANBUL’DA BİR ARAŞTIRMA

Year 2022, Issue: 37, 157 - 172, 11.11.2022

Salih Aydın , Yusuf Güneysu

https://doi.org/10.18092/ulikidince.1150709

Cited By: 2

Abstract

Geleneksel finans teorileri yatırımcıların rasyonel olduğu ve olası alternatiflerden kendisine en yüksek faydayı sağlayacak olanı seçtiği varsayımına dayanmaktadır. Bununla birlikte davranışsal finans, yatırımcıların tamamen rasyonel olmadığını ve karar verme süreçlerinin çeşitli davranışsal faktörlerden etkilendiğini ifade etmektedir. Bu doğrultuda çalışmanın amacı, Borsa İstanbul (BIST)’da işlem yapan bireysel yatırımcıların aşırı güven eğilimleri ile yatırım performansı arasındaki ilişkide risk eğiliminin aracılık rolünü incelemektir. Veri toplama aracı olarak anket yöntemi seçilmiş ve elde edilen veriler Lineer Regresyon modeli ile analiz edilmiştir. Çalışmanın sonucunda aşırı güven eğiliminin yatırım performansı üzerinde, aşırı güven eğiliminin risk eğilimi üzerinde ve risk eğiliminin yatırım performansı üzerinde pozitif yönlü anlamlı ilişkiler tespit edilmiştir. Aynı zamanda aşırı güven eğilimi ile yatırım performansı arasındaki ilişkide risk eğiliminin kısmi aracılık etkisinin varlığı da kanıtlanmıştır. Bu sonuca göre çalışmanın, bireysel yatırımcıların davranışsal önyargılar konusundaki farkındalığının artmasına ve böylece daha iyi yatırım kararları almalarına katkı sağlayacağı söylenebilir.

Keywords

Aşırı Güven, Yatırım Kararları, Bireysel Yatırımcılar, Risk Eğilimi

THE INTERMEDIATION ROLE OF RISK BIAS BETWEEN OVERCONFIDENCE AND INVESTMENT PERFORMANCE: A RESEARCH IN BORSA ISTANBUL

Abstract

Traditional financial theories are based on the assumption that investors are rational and choose the one that will give them the highest benefit from possible alternatives. However, behavioral finance states that investors are not completely rational, and their decision-making processes are affected by various behavioral factors. In this direction, the aim of this study is to examine the mediating role of risk bias in the relationship between the overconfidence bias of individual investors trading in Borsa Istanbul (BIST) on their investment performance. The survey method was chosen as the data collection tool and the obtained data were analyzed with the Linear Regression model. As a result of the study, positive significant relationships were found between the overconfidence bias on the investment performance, the overconfidence bias on the risk bias and the risk bias on the investment performance. At the same time, the existence of a partial mediation effect of risk bias in the relationship between overconfidence bias and investment performance has also been proven. According to this result, it can be said that the study will contribute to the awareness of individual investors about behavioral biases and thus to make better investment decisions.

Keywords

Overconfidence, Investment DEcisions, Individual Investors, Risk Bias

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